NPORT-P false 0001820378 XXXXXXXX Thornburg Income Builder Opportunities Trust 811-23600 0001820378 5493002O2SJJPEDP7413 2300 NORTH RIDGETOP ROAD Santa Fe 87506 505-984-0200 Thornburg Income Builder Opportunities Trust 5493002O2SJJPEDP7413 2025-09-30 2025-09-30 N 685221914.56 4694215.70 680527698.86 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 598353.10000000 USD N SUNOCO LP 54930001NJU8E40NQ561 86765KAE9 500000.00000000 PA USD 508910.00000000 0.074781673229 Long DBT CORP US N 2 2030-09-18 Fixed 7.88000000 N N N N N N United Auto Credit Securitization Trust N/A 90944DAL5 6000.00000000 PA USD 208957.00000000 0.030705142546 Long ABS-O CORP US N 2 2028-11-10 None 0.00000000 N N N N N N Severstal PAO 213800OKDPTV6K4ONO53 818150302 236300.00000000 NS USD 0.24000000 0.000000035266 Long EC CORP RU Y 3 N N N ANGLOGOLD HOLDINGS PLC 213800745ZIXC4L6A131 03512TAB7 2000000.00000000 PA USD 2125180.00000000 0.312284129442 Long DBT CORP IM N 2 2040-04-15 Fixed 6.50000000 N N N N N N Cisco Systems Inc 549300LKFJ962MZ46593 17275R102 174100.00000000 NS USD 11911922.00000000 1.750394880319 Long EC CORP US N 1 N N N JP Morgan Mortgage Trust N/A 46656RAN0 1272928.82000000 PA USD 1280474.11000000 0.188158999574 Long ABS-MBS CORP US N 2 2053-10-25 Variable 5.50000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 3140JP5N1 354535.89000000 PA USD 362210.47000000 0.053224941557 Long ABS-MBS USGSE US N 2 2047-11-01 Floating 6.41000000 N N N N N N Capital Power Corp 549300QRKTEXGXYVPO80 14042M102 82619.00000000 NS 3879537.01000000 0.570077752382 Long EC CORP CA N 1 N N N KEHE DIST/FIN / NEXTWAVE N/A 487526AC9 2000000.00000000 PA USD 2104220.00000000 0.309204166637 Long DBT CORP US N 2 2029-02-15 Fixed 9.00000000 N N N N N N Credit Suisse Mortgage Trust 549300818AKCJ4Q9TD76 12659FAD7 3000000.00000000 PA USD 2323662.57000000 0.341450109068 Long ABS-MBS CORP US N 2 2066-10-25 Variable 3.26000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 3132DWJS3 3084999.00000000 PA USD 3158038.57000000 0.464057315417 Long ABS-MBS USGSE US N 2 2053-11-01 Fixed 6.00000000 N N N N N N New Residential Mortgage Loan Trust N/A 64829WAL8 28774599.20000000 PA USD 1042990.02000000 0.153261949770 Long ABS-MBS CORP US N 2 2051-06-25 Variable 0.74000000 N N N N N N ALBERTSONS COS/SAFEWAY N/A 013092AB7 1500000.00000000 PA USD 1499880.00000000 0.220399552070 Long DBT CORP US N 2 2028-02-15 Fixed 5.88000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 3140K7V26 98361.57000000 PA USD 99162.03000000 0.014571343703 Long ABS-MBS USGSE US N 2 2049-07-01 Floating 6.45000000 N N N N N N United States Treasury 254900HROIFWPRGM1V77 912834KP2 8000000.00000000 PA USD 3744811.20000000 0.550280496484 Long DBT UST US N 1 2041-08-15 None 0.00000000 N N N N N N Credit Suisse Mortgage Trust 549300818AKCJ4Q9TD76 12663DAE4 1234512.85000000 PA USD 1229430.43000000 0.180658396720 Long ABS-MBS CORP US N 2 2067-05-25 Variable 5.17000000 N N N N N N PRP Advisors, LLC N/A 69382GAA5 1884239.28000000 PA USD 1883905.77000000 0.276830138311 Long ABS-MBS CORP US N 2 2030-04-25 Variable 5.99000000 N N N N N N UZBEKISTAN INTL BOND 213800L6VDKUM3TCM927 91824PAD9 13000000000.00000000 PA 1094009.98000000 0.160759067093 Long DBT NUSS UZ N 2 2028-02-25 Fixed 15.50000000 N N N N N N Aqua Finance Trust N/A 038413AD2 553888.09000000 PA USD 541156.21000000 0.079520085796 Long ABS-O CORP US N 2 2046-07-17 Fixed 7.15000000 N N N N N N CITIGROUP INC 6SHGI4ZSSLCXXQSBB395 172967MV0 2500000.00000000 PA USD 2476300.00000000 0.363879384211 Long DBT CORP US N 2 2026-02-18 Fixed 3.88000000 N N N N N N Snam SpA 8156002278562044AF79 000000000 2051611.00000000 NS 12327702.31000000 1.811491630781 Long EC CORP IT N 1 N N N CALAMOS STRATEGIC TOTAL RETURN 54930048NQ2YBS3TXW78 000000000 106000.00000000 NS USD 2676500.00000000 0.393297731228 Long EP CORP US N 3 N N N Homeward Opportunities Fund I Trust N/A 43789XAG9 3000000.00000000 PA USD 2947374.00000000 0.433101254355 Long ABS-MBS CORP US N 2 2065-05-25 Variable 6.43000000 N N N N N N Sequoia Mortgage Trust N/A 816943BF0 1100695.75000000 PA USD 1117558.85000000 0.164219450857 Long ABS-MBS CORP US N 2 2053-09-25 Variable 6.00000000 N N N N N N BECLE SA DE CV 529900JY55CZKMJLCE09 07586PAA9 2500000.00000000 PA USD 2156150.00000000 0.316835009597 Long DBT CORP MX N 2 2031-10-14 Fixed 2.50000000 N N N N N N SKY1 Trust N/A 830941AA8 1932894.74000000 PA USD 1928239.61000000 0.283344765133 Long ABS-MBS CORP US N 2 2042-04-15 Floating 6.74000000 N N N N N N TKC HOLDINGS INC N/A 87256YAC7 2000000.00000000 PA USD 2017340.00000000 0.296437603256 Long DBT CORP US N 2 2028-05-15 Fixed 6.88000000 N N N N N N JPMorgan Chase Bank NA 7H6GLXDRUGQFU57RNE97 000000000 -157464.00000000 NC -120991.78000000 -0.01777911173 N/A DE DE N 2 JPMorgan Chase Bank NA 7H6GLXDRUGQFU57RNE97 Call Written BASF SE BASF SE 1.00000000 43.00000000 EUR 2025-10-17 XXXX 22073.87000000 N N N AbbVie Inc FR5LCKFTG8054YNNRU85 00287Y109 25123.00000000 NS USD 5816979.42000000 0.854774821031 Long EC CORP US N 1 N N N Homeward Opportunities Fund I Trust N/A 43789KAA0 1112330.77000000 PA USD 1108127.14000000 0.162833510209 Long ABS-MBS CORP US N 2 2067-07-25 Variable 5.08000000 N N N N N N GABELLI DVD & INC TR 549300082N1MHBT8NI60 36242H872 152.00000000 NS USD 3690712.00000000 0.542330900885 Long EP CORP US N 3 N N N Wells Fargo Mortgage Backed Securities Trust 549300EZH20KSD9JD814 95003KAX0 24483460.52000000 PA USD 700577.08000000 0.102946152107 Long ABS-MBS CORP US N 2 2051-08-25 Variable 0.50000000 N N N N N N Wells Fargo Mortgage Backed Securities Trust 549300EZH20KSD9JD814 95003KBL5 481733.01000000 PA USD 395127.32000000 0.058061901177 Long ABS-MBS CORP US N 2 2051-08-25 Variable 3.31000000 N N N N N N Mello Mortgage Capital Acceptance Trust N/A 58549XBQ5 89212321.51000000 PA USD 375012.91000000 0.055106193418 Long ABS-MBS CORP US N 2 2051-08-25 Variable 0.11000000 N N N N N N SONY FINANCIAL GROUP INC 353800O7BDSU41WOZA60 83571B100 26625.00000000 NS USD 98512.50000000 0.014475898654 Long EC CORP JP N 2 N N N United States Treasury 254900HROIFWPRGM1V77 912810UH9 3071130.00000000 PA USD 3000230.08000000 0.440868179947 Long DBT UST US N 1 2055-02-15 Fixed 2.38000000 N N N N N N Upstart Pass Through Trust N/A 91679XAA4 28026.44000000 PA USD 27946.73000000 0.004106626379 Long ABS-O CORP US N 2 2027-07-20 Fixed 2.00000000 N N N N N N Lendbuzz Securitization Trust N/A 52607KAA1 274611.09000000 PA USD 274256.00000000 0.040300490407 Long ABS-O CORP US N 2 2027-05-17 Fixed 4.22000000 N N N N N N Endesa SA 549300LHK07F2CHV4X31 000000000 514135.00000000 NS 16424514.82000000 2.413496885948 Long EC CORP ES N 1 N N N Cogent IPv4 LLC N/A 19240JAA6 1000000.00000000 PA USD 1038306.57000000 0.152573741192 Long ABS-O CORP US N 2 2054-05-25 Fixed 7.92000000 N N N N N N Mello Mortgage Capital Acceptance Trust N/A 585491BZ5 401047.58000000 PA USD 224724.89000000 0.033022151835 Long ABS-MBS CORP US N 2 2051-10-25 Variable 3.09000000 N N N N N N CCO HLDGS LLC/CAP CORP N/A 1248EPCN1 2000000.00000000 PA USD 1820360.00000000 0.267492418464 Long DBT CORP US N 2 2032-05-01 Fixed 4.50000000 N N N N N N NMLT Trust N/A 62917MAF0 3000000.00000000 PA USD 1872609.00000000 0.275170136812 Long ABS-MBS CORP US N 2 2062-10-25 Variable 3.71000000 N N N N N N Citigroup Inc 6SHGI4ZSSLCXXQSBB395 172967424 50610.00000000 NS USD 5136915.00000000 0.754842897446 Long EC CORP US N 1 N N N Sea Ltd 529900OM6JLLW44YKI15 81141R100 15400.00000000 NS USD 2752442.00000000 0.404457012493 Long EC CORP KY N 1 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 000000000 262525.00000000 NS 15698547.81000000 2.306819815901 Long EC CORP KR N 1 N N N CNTL AMR BOTTLING CORP N/A 15239XAA6 2000000.00000000 PA USD 1974960.00000000 0.290210083044 Long DBT CORP VG N 2 2029-04-27 Fixed 5.25000000 N N N N N N Towd Point Mortgage Trust N/A 89183DAA1 1884251.58000000 PA USD 1677627.57000000 0.246518631469 Long ABS-MBS CORP US N 2 2057-11-27 Variable 4.00000000 N N N N N N TENET HEALTHCARE CORP 0W9AIBT6U6ADJ2I8HK17 88033GDU1 3000000.00000000 PA USD 3107400.00000000 0.456616241367 Long DBT CORP US N 2 2031-05-15 Fixed 6.75000000 N N N N N N Credit Suisse Mortgage Trust 549300818AKCJ4Q9TD76 12659XAA4 1849056.61000000 PA USD 1760124.57000000 0.258641135834 Long ABS-MBS CORP US N 2 2026-08-15 Floating 7.98000000 N N N N N N JPMorgan Chase Bank NA 7H6GLXDRUGQFU57RNE97 000000000 -353000.00000000 NC -86081.24000000 -0.01264918976 N/A DE DE N 2 JPMorgan Chase Bank NA 7H6GLXDRUGQFU57RNE97 Call Written Enel SpA Enel SpA 1.00000000 7.90000000 EUR 2025-10-17 XXXX -50603.31000000 N N N CLEVELAND-CLIFFS INC 549300TM2WLI2BJMDD86 000000000 100000.00000000 PA USD 100000.00000000 0.014694479029 Long DBT CORP US Y 2 2027-03-15 Fixed 7.00000000 N N N N N N Goldman Home Improvement Trust Issuer Trust N/A 38149XAE9 12500.00000000 PA USD 529028.13000000 0.077737927623 Long ABS-O CORP US N 3 2051-06-20 None 0.00000000 N N N N N N Akzo Nobel NV 724500XYIJUGXAA5QD70 000000000 64367.00000000 NS 4579549.21000000 0.672940898316 Long EC CORP NL N 1 N N N Orange SA 969500MCOONR8990S771 000000000 1986323.00000000 NS 32205525.35000000 4.732434168947 Long EC CORP FR N 1 N N N Vend Marketplaces ASA 5967007LIEEXZXHT0O36 000000000 78389.00000000 NS 2786941.01000000 0.409526462283 Long EC CORP NO N 1 N N N Medtronic PLC 549300GX3ZBSQWUXY261 000000000 55600.00000000 NS USD 5295344.00000000 0.778123213628 Long EC CORP IE N 1 N N N Continental Finance Credit Credit Card ABS Master Trust N/A 66981PAT5 2000000.00000000 PA USD 2010911.78000000 0.295493009817 Long ABS-O CORP US N 2 2032-12-15 Fixed 9.42000000 N N N N N N CME Group Inc LCZ7XYGSLJUHFXXNXD88 12572Q105 49000.00000000 NS USD 13239310.00000000 1.945447631621 Long EC CORP US N 1 N N N United States Treasury 254900HROIFWPRGM1V77 912834DV7 2500000.00000000 PA USD 1332305.93000000 0.195775415494 Long DBT UST US N 1 2039-05-15 None 0.00000000 N N N N N N CCO HLDGS LLC/CAP CORP N/A 1248EPCJ0 1357000.00000000 PA USD 1235114.26000000 0.181493605928 Long DBT CORP US N 2 2032-05-01 Fixed 4.50000000 N N N N N N Enbridge Inc 98TPTUM4IVMFCZBCUR27 29250N105 250870.00000000 NS 12656163.47000000 1.859757287058 Long EC CORP CA N 1 N N N Telkom Indonesia Persero Tbk PT 529900M5SQZAOKV1PC81 000000000 20618500.00000000 NS 3785935.19000000 0.556323452571 Long EC CORP ID N 1 N N N Legal & General Group PLC 213800JH9QQWHLO99821 000000000 1643600.00000000 NS 5260934.71000000 0.773066947724 Long EC CORP GB N 1 N N N Roche Holding AG 549300U41AUUVOAAOB37 000000000 49031.00000000 NS 16007985.55000000 2.352290079715 Long EC CORP CH N 1 N N N COMISION FEDERAL DE ELEC 4469000001BFPONMPF32 000000000 3110000.00000000 PA USD 2890185.20000000 0.424697658132 Long DBT CORP MX Y 2 2036-09-29 Fixed 5.00000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 3140JP5P6 267656.19000000 PA USD 273586.58000000 0.040202122626 Long ABS-MBS USGSE US N 2 2048-04-01 Floating 6.41000000 N N N N N N TotalEnergies SE 529900S21EQ1BO4ESM68 000000000 183632.00000000 NS 11152639.92000000 1.638822334297 Long EC CORP FR N 1 N N N IRON MOUNTAIN INFO MGMT N/A 46285MAA8 3000000.00000000 PA USD 2890650.00000000 0.424765958070 Long DBT US N 2 2032-07-15 Fixed 5.00000000 N N N N N N OCI NV 549300NCMRGIBJYUOE57 000000000 279469.00000000 NS 1292756.41000000 0.189963819572 Long EC CORP NL N 1 N N N Mello Mortgage Capital Acceptance Trust N/A 58549XBZ5 1461699.66000000 PA USD 798758.06000000 0.117373335624 Long ABS-MBS CORP US N 2 2051-08-25 Variable 2.61000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 3140H54H1 229494.96000000 PA USD 226462.17000000 0.033277436080 Long ABS-MBS USGSE US N 2 2048-01-01 Floating 4.99000000 N N N N N N Affirm Inc N/A 00834KAD9 655000.00000000 PA USD 655000.00000000 0.096248837644 Long ABS-O CORP US N 2 2028-11-15 Fixed 9.55000000 N N N N N N Upstart Pass Through Trust N/A 91683KAB4 3000000.00000000 PA USD 322227.00000000 0.047349578942 Long ABS-O CORP US N 2 2029-09-20 None 0.00000000 N N N N N N South Bow Corp 2549000XS5TAFA3YF943 83671M105 26474.00000000 NS 749116.99000000 0.110078839003 Long EC CORP CA N 1 N N N UNITED WHOLESALE MTGE LL 549300HW662MN1WU8550 91153LAA5 3000000.00000000 PA USD 3000420.00000000 0.440896087701 Long DBT CORP US N 2 2025-11-15 Fixed 5.50000000 N N N N N N WELLS FARGO & COMPANY PBLD0EJDB5FWOLXP3B76 949746TD3 2500000.00000000 PA USD 2477175.00000000 0.364007960902 Long DBT CORP US N 2 2026-03-15 Fixed 3.90000000 N N N N N N Microsoft Corp INR2EJN1ERAN0W5ZP974 594918104 10700.00000000 NS USD 5542065.00000000 0.814377579235 Long EC CORP US N 1 N N N Enel SpA WOCMU6HCI0OJWNPRZS33 000000000 2250635.00000000 NS 21313271.83000000 3.131874259593 Long EC CORP IT N 1 N N N Stellantis NV 549300LKT9PW7ZIBDF31 000000000 278210.00000000 NS USD 2598481.40000000 0.381833304412 Long EC CORP NL N 1 N N N Mello Mortgage Capital Acceptance Trust N/A 58549XBY8 300652.91000000 PA USD 239011.88000000 0.035121550584 Long ABS-MBS CORP US N 2 2051-08-25 Variable 3.31000000 N N N N N N Citigroup Mortgage Loan Trust Inc N/A 17330BDR8 194287.88000000 PA USD 78248.90000000 0.011498268201 Long ABS-MBS CORP US N 2 2051-09-25 Variable 2.86000000 N N N N N N New Residential Mortgage Loan Trust N/A 64829WBA1 346620.79000000 PA USD 281351.61000000 0.041343153331 Long ABS-MBS CORP US N 2 2051-06-25 Variable 3.24000000 N N N N N N Adyen NV 724500973ODKK3IFQ447 000000000 1025.00000000 NS 1642643.63000000 0.241377923742 Long EC CORP NL Y 1 N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 -7100.00000000 NC USD -72420.00000000 -0.01064174171 N/A DE US N 2 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Call Written Meta Platforms, Inc. Meta Platforms, Inc. 1.00000000 850.00000000 USD 2025-11-21 XXXX 0.00000000 N N N United States Treasury 254900HROIFWPRGM1V77 912834MT2 5000000.00000000 PA USD 2082589.45000000 0.306025670004 Long DBT UST US N 1 2043-08-15 None 0.00000000 N N N N N N Thornburg Capital Management Fund 549300GLR0WG6ALV5277 885216739 2940374.99000000 NS USD 29403749.87000000 4.320727858580 Long EC RF US N 1 N N N CUSHMAN & WAKEFIELD US 549300870CMN3WI5IF97 23166MAA1 2000000.00000000 PA USD 2018940.00000000 0.296672714921 Long DBT CORP US N 2 2028-05-15 Fixed 6.75000000 N N N N N N ANTARES HOLDINGS 5493008EAIGV4283RM42 03666HAC5 2000000.00000000 PA USD 1986120.00000000 0.291849986903 Long DBT CORP US N 2 2026-07-15 Fixed 3.95000000 N N N N N N Citigroup Mortgage Loan Trust Inc N/A 17330BDP2 350000.00000000 PA USD 191579.96000000 0.028151677047 Long ABS-MBS CORP US N 2 2051-09-25 Variable 2.86000000 N N N N N N LP LMS 2021-2 Asset Securitization Trust N/A 50214JAD7 1000000.00000000 PA USD 525274.70000000 0.077186380639 Long ABS-O CORP US N 2 2029-01-15 Fixed 6.61000000 N N N N N N Carvana Auto Receivables Trust N/A 14687JAB5 2500.00000000 PA USD 248647.87000000 0.036537509114 Long ABS-O CORP US N 2 2028-09-11 None 0.00000000 N N N N N N Upstart Pass Through Trust N/A 91683LAB2 3000000.00000000 PA USD 442287.00000000 0.064991770465 Long ABS-O CORP US N 2 2029-10-20 None 0.00000000 N N N N N N CD&R SMOKEY / RADIO SYS N/A 12515KAA6 1500000.00000000 PA USD 1181820.00000000 0.173662292068 Long DBT CORP US N 2 2029-10-15 Fixed 9.50000000 N N N N N N Keyence Corp 529900M7PQBS7A89DZ11 000000000 11000.00000000 NS 4104405.45000000 0.603120998142 Long EC CORP JP N 1 N N N BX Trust N/A 05616HAA5 2000000.00000000 PA USD 2059526.46000000 0.302636683774 Long ABS-MBS CORP US N 2 2047-06-13 Variable 6.08000000 N N N N N N FIRSTCASH INC 549300V2X3UU7K0DG350 33767DAD7 3750000.00000000 PA USD 3879337.50000000 0.570048435427 Long DBT CORP US N 2 2032-03-01 Fixed 6.88000000 N N N N N N BANK OF NY MELLON CORP WFLLPEPC7FZXENRZV188 064058AL4 2000000.00000000 PA USD 1956120.00000000 0.287441643194 Long DBT CORP US N 2 2026-12-20 Fixed 3.75000000 N N N N N N Barclays Mortgage Loan Trust N/A 06744JAA4 1674658.98000000 PA USD 1674134.48000000 0.246005340091 Long ABS-O CORP US N 2 2051-11-25 Variable 5.00000000 N N N N N N GMK Norilskiy Nickel PAO 253400JPTEEW143W3E47 000000000 3070000.00000000 NS 0.04000000 0.000000005877 Long EC CORP RU N 3 N N N TransDigm Group Inc N/A 893641100 2425.00000000 NS USD 3196198.50000000 0.469664718328 Long EC CORP US N 1 N N N JP Morgan Mortgage Trust N/A 46654KCH8 809243.28000000 PA USD 408246.56000000 0.059989705148 Long ABS-MBS CORP US N 2 2052-01-25 Variable 2.72000000 N N N N N N Bacardi Ltd 549300R32WTQNHNN5055 067316AG4 3000000.00000000 PA USD 2836260.00000000 0.416773630926 Long DBT CORP BM N 2 2038-05-15 Fixed 5.15000000 N N N N N N COMCAST HOLDINGS CORP N/A 200300507 2100000.00000000 PA USD 1260504.00000000 0.185224495948 Long DBT CORP US N 2 2029-10-15 Fixed 2.00000000 N N N N N Comcast Corp. USD XXXX N N N AT&T Inc 549300Z40J86GGSTL398 00206R102 841453.00000000 NS USD 23762632.72000000 3.491795081935 Long EC CORP US N 1 N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 -2366.00000000 NC USD -202293.00000000 -0.02972590246 N/A DE US N 2 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Call Written MercadoLibre, Inc. MercadoLibre, Inc. 1.00000000 2700.00000000 USD 2025-11-21 XXXX 0.00000000 N N N Fertiglobe plc 984500A99D1B4CPBF744 000000000 2294190.00000000 NS 1536517.99000000 0.225783313827 Long EC CORP AE N 1 N N N BOF URSA FUNDING N/A 097093AB4 643996.98000000 PA USD 653742.26000000 0.096064019303 Long ABS-O CORP US N 2 2032-07-26 Fixed 6.29000000 N N N N N N SCIENCE APPLICATIONS INT 549300LZPNZIXQGZPZ48 808625AA5 3000000.00000000 PA USD 2973450.00000000 0.436932986707 Long DBT CORP US N 2 2028-04-01 Fixed 4.88000000 N N N N N N Morgan Stanley Capital I Trust 3IFG42XD94UUZ7FL2766 61776EAA1 1973501.57000000 PA USD 2081228.09000000 0.305825625244 Long ABS-MBS CORP US N 2 2029-05-05 Fixed 7.29000000 N N N N N N SUNOCO LP/FINANCE CORP N/A 86765LAN7 2000000.00000000 PA USD 2002600.00000000 0.294271637047 Long DBT CORP US N 2 2028-03-15 Fixed 5.88000000 N N N N N N REMIC FUNDING TRUST 98-1 N/A 749433AA6 1948992.09000000 PA USD 1952272.83000000 0.286876321606 Long ABS-MBS CORP US N 2 2028-06-27 Variable 6.77000000 N N N N N N BASF SE 529900PM64WH8AF1E917 000000000 157464.00000000 NS 7836669.55000000 1.151557763648 Long EC CORP DE N 1 N N N Carvana Auto Receivables Trust N/A 14688DAM3 3000.00000000 PA USD 632512.25000000 0.092944379936 Long ABS-O CORP US N 2 2029-01-10 None 0.00000000 N N N N N N Wells Fargo Mortgage Backed Securities Trust 549300EZH20KSD9JD814 95003KBN1 292319.75000000 PA USD 142199.53000000 0.020895480116 Long ABS-MBS CORP US N 2 2051-08-25 Variable 3.31000000 N N N N N N CLEVELAND-CLIFFS INC 549300TM2WLI2BJMDD86 185899AM3 3000000.00000000 PA USD 3000000.00000000 0.440834370889 Long DBT CORP US N 2 2027-03-15 Fixed 7.00000000 N N N N N N STILLWATER MINING CO 6354007DPCY4ZN2MRR73 86074QAQ5 1500000.00000000 PA USD 1398930.00000000 0.205565475489 Long DBT CORP US N 2 2029-11-16 Fixed 4.50000000 N N N N N N ServiceNow Inc 549300HJTQM36M0E1G39 81762P102 5000.00000000 NS USD 4601400.00000000 0.676151758070 Long EC CORP US N 1 N N N Upstart Securitization Trust N/A 91679AAC0 1729574.35000000 PA USD 1759301.10000000 0.258520131208 Long ABS-O CORP US N 2 2033-02-20 Fixed 11.10000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 31418EW48 1041646.63000000 PA USD 1066388.77000000 0.156700274182 Long ABS-MBS USGSE US N 2 2053-10-01 Fixed 6.00000000 N N N N N N Wells Fargo Mortgage Backed Securities Trust 549300EZH20KSD9JD814 95003KBM3 380798.47000000 PA USD 307294.85000000 0.045155377292 Long ABS-MBS CORP US N 2 2051-08-25 Variable 3.31000000 N N N N N N Meta Platforms Inc BQ4BKCS1HXDV9HN80Z93 30303M102 15200.00000000 NS USD 11162576.00000000 1.640282389489 Long EC CORP US N 1 N N N Pfizer Inc 765LHXWGK1KXCLTFYQ30 717081103 433052.00000000 NS USD 11034164.96000000 1.621413056145 Long EC CORP US N 1 N N N E.ON SE Q9MAIUP40P25UFBFG033 000000000 546538.00000000 NS 10276237.77000000 1.510039604150 Long EC CORP DE N 1 N N N BHP Group Ltd WZE1WSENV6JSZFK0JC28 000000000 370500.00000000 NS 10426647.58000000 1.532141542139 Long EC CORP AU N 1 N N N Generali 549300X5UKJVE386ZB61 000000000 46287.00000000 NS 1815609.09000000 0.266794296990 Long EC CORP IT N 1 N N N Mondi PLC 213800LOZA69QFDC9N34 000000000 290908.00000000 NS 4006318.23000000 0.588707592168 Long EC CORP GB N 1 N N N Kinetic Advantage Master Owner Trust N/A 49462DAD1 1500000.00000000 PA USD 1502242.05000000 0.220746643011 Long ABS-O CORP US N 2 2027-11-15 Floating 7.02000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 31342WA43 290283.15000000 PA USD 282981.52000000 0.041582660114 Long ABS-MBS USGSE US N 2 2047-11-01 Floating 4.38000000 N N N N N N Eni SpA BUCRF72VH5RBN7X3VL35 000000000 362100.00000000 NS 6319889.59000000 0.928674850500 Long EC CORP IT N 1 N N N Glebe Funding Trust N/A 37735RAA2 1831338.99000000 PA USD 1851797.98000000 0.272112065842 Long ABS-MBS CORP US N 2 2028-11-29 Variable 8.10000000 N N N N N N BLUE OWL TECHNOLOGY FINA 254900G5EZJSOD3UKL16 691205AE8 3000000.00000000 PA USD 2972760.00000000 0.436831594802 Long DBT CORP US N 2 2026-06-17 Fixed 3.75000000 N N N N N N AES ESPANA BV 7245003VZ59682IZLJ86 00109YAA3 2000000.00000000 PA USD 1951600.00000000 0.286777452742 Long DBT CORP NL N 2 2028-05-04 Fixed 5.70000000 N N N N N N POST HOLDINGS INC JM1I5YUAURL6DC8N1468 737446AP9 3000000.00000000 PA USD 2993340.00000000 0.439855718586 Long DBT CORP US N 2 2029-12-15 Fixed 5.50000000 N N N N N N LyondellBasell Industries NV BN6WCCZ8OVP3ITUUVN49 000000000 82904.00000000 NS USD 4065612.16000000 0.597420526278 Long EC CORP NL N 1 N N N SFO Commerical Mortgage Trust N/A 78432WAA1 1043000.00000000 PA USD 1034137.25000000 0.151961081339 Long ABS-MBS CORP US N 2 2038-05-15 Floating 5.41000000 N N N N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 -13600.00000000 NC USD -7238.78000000 -0.00106370100 N/A DE US N 2 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Put Written CME Group, Inc. CME Group, Inc. 1.00000000 250.00000000 USD 2025-10-17 XXXX 19961.22000000 N N N Marlette Funding Trust N/A 57108Q103 14510.00000000 PA USD 219785.83000000 0.032296382699 Long ABS-O CORP US N 2 2031-12-15 None 0.00000000 N N N N N N TC Energy Corp 549300UGKOFV2IWJJG27 87807B107 132373.00000000 NS 7197431.13000000 1.057625008071 Long EC CORP CA N 1 N N N Open Text Corp 549300HP7ONDQODZJV16 683715106 128100.00000000 NS 4788217.29000000 0.703603585573 Long EC CORP CA N 1 N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 31288QTU4 2969464.28000000 PA USD 2691700.98000000 0.395531436047 Long ABS-MBS USGSE US N 2 2052-07-01 Floating 2.16000000 N N N N N N JP Morgan Mortgage Trust N/A 46654KCG0 682062.74000000 PA USD 536270.02000000 0.078802085631 Long ABS-MBS CORP US N 2 2052-01-25 Variable 3.02000000 N N N N N N GEO GROUP INC/THE 54930024XOXET7NQVZ63 36162JAG1 2000000.00000000 PA USD 2118200.00000000 0.311258454806 Long DBT CORP US N 2 2029-04-15 Fixed 8.63000000 N N N N N N MFRA Trust N/A 58004YAA7 1322457.40000000 PA USD 1324066.70000000 0.194564703570 Long ABS-MBS CORP US N 2 2054-09-25 Variable 6.33000000 N N N N N N United States Treasury 254900HROIFWPRGM1V77 912834VV7 5000000.00000000 PA USD 1486737.10000000 0.218468271385 Long DBT UST US N 1 2050-05-15 None 0.00000000 N N N N N N B&M European Value Retail SA 213800UK7ZRLY2K1X530 000000000 767245.00000000 NS 2700396.97000000 0.396809266474 Long EC CORP LU N 1 N N N Shell PLC 21380068P1DRHMJ8KU70 000000000 173200.00000000 NS 6194922.94000000 0.910311652321 Long EC CORP GB N 1 N N N Barclays Mortgage Loan Trust N/A 06744YAC7 1380559.08000000 PA USD 1337134.77000000 0.196484988375 Long ABS-MBS CORP US N 2 2062-02-25 Variable 4.53000000 N N N N N N Realtek Semiconductor Corp 5299002E7F36O00MYY75 000000000 230000.00000000 NS 4150534.81000000 0.609899467274 Long EC CORP TW N 1 N N N Sequoia Mortgage Trust N/A 81748CAA8 2033040.10000000 PA USD 1688339.80000000 0.248092737860 Long ABS-MBS CORP US N 2 2052-01-25 Variable 2.50000000 N N N N N N DOMINICAN REPUBLIC 254900EHU7Q8FGVPI369 25714PFA1 170000000.00000000 PA 2954088.98000000 0.434087985683 Long DBT NUSS DO N 2 2036-06-01 Fixed 10.75000000 N N N N N N Mello Mortgage Capital Acceptance Trust N/A 585491BQ5 23632452.52000000 PA USD 154943.81000000 0.022768185668 Long ABS-MBS CORP US N 2 2051-10-25 Variable 0.15000000 N N N N N N Petroleo Brasileiro SA - Petrobras 5493000J801JZRCMFE49 71654V408 302585.00000000 NS USD 3830726.10000000 0.562905243448 Long EC CORP BR N 1 N N N Alibaba Group Holding Ltd 5493001NTNQJDH60PM02 000000000 202000.00000000 NS 4594478.25000000 0.675134642968 Long EC CORP KY N 1 N N N Homeward Opportunities Fund I Trust N/A 43789FAA1 2455000.00000000 PA USD 2464234.73000000 0.362106455641 Long ABS-MBS CORP US N 2 2029-07-25 Variable 7.12000000 N N N N N N Shopify Inc 549300HGQ43STJLLP808 82509L107 17500.00000000 NS USD 2600675.00000000 0.382155642504 Long EC CORP CA N 1 N N N MATTHEWS INTERNATIONAL C 549300ZVC5O0ATML6U61 577128AC5 1750000.00000000 PA USD 1810637.50000000 0.266063747740 Long DBT CORP US N 2 2027-10-01 Fixed 8.63000000 N N N N N N Mello Mortgage Capital Acceptance Trust N/A 585491BY8 91108.48000000 PA USD 71268.69000000 0.010472562706 Long ABS-MBS CORP US N 2 2051-10-25 Variable 3.20000000 N N N N N N NN Group NV 724500OHYNDT9OY6Q215 000000000 264961.00000000 NS 18633550.49000000 2.738103169233 Long EC CORP NL N 1 N N N Deutsche Post AG 8ER8GIG7CSMVD8VUFE78 000000000 136709.00000000 NS 6089494.90000000 0.894819551092 Long EC CORP DE N 1 N N N National Collegiate Student Loan Trust 635400VQIBXGEB9ZUC59 63543LAD7 1530521.69000000 PA USD 1504577.66000000 0.221089848733 Long ABS-O CORP US N 2 2033-01-25 Floating 4.56000000 N N N N N N Starwood Mortgage Residential Trust N/A 85573RAF5 1500000.00000000 PA USD 1110080.06000000 0.163120481629 Long ABS-MBS CORP US N 2 2066-11-25 Variable 3.39000000 N N N N N N Glencore PLC 2138002658CPO9NBH955 000000000 475000.00000000 NS 2182233.88000000 0.320667899874 Long EC CORP JE N 1 N N N PROSUS NV 635400Z5LQ5F9OLVT688 74365PAD0 3000000.00000000 PA USD 2097930.00000000 0.308279883906 Long DBT CORP NL N 2 2050-08-03 Fixed 4.03000000 N N N N N N Petroleos Mexicanos 549300CAZKPF4HKMPX17 71654QCC4 3000000.00000000 PA USD 2492760.00000000 0.366298095459 Long DBT CORP MX N 2 2047-09-21 Fixed 6.75000000 N N N N N N Regions Financial Corp CW05CS5KW59QTC0DG824 7591EP100 184100.00000000 NS USD 4854717.00000000 0.713375371514 Long EC CORP US N 1 N N N ACCO BRANDS CORP JCT8P4Y190IH4I1NX328 00081TAK4 500000.00000000 PA USD 451905.00000000 0.066405085458 Long DBT CORP US N 2 2029-03-15 Fixed 4.25000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 3132DWMS9 3356538.55000000 PA USD 3386822.48000000 0.497675919095 Long ABS-MBS USGSE US N 2 2054-10-01 Fixed 5.50000000 N N N N N N Mosaic Solar Loans LLC N/A 61946TAE5 8500000.00000000 PA USD 357612.00000000 0.052549220347 Long ABS-O CORP US N 2 2052-06-20 None 0.00000000 N N N N N N Harvest SBA Loan Trust N/A 41756NAA7 1813235.27000000 PA USD 1822898.91000000 0.267865498061 Long ABS-O USGA US N 2 2051-12-25 Floating 6.69000000 N N N N N N Vodafone Group PLC 213800TB53ELEUKM7Q61 000000000 3450000.00000000 NS 3997740.57000000 0.587447149718 Long EC CORP GB N 1 N N N Sony Group Corp 529900R5WX9N2OI2N910 835699307 133125.00000000 NS USD 3832668.75000000 0.563190705745 Long EC CORP JP N 1 N N N GCAT N/A 36167AAA8 563823.73000000 PA USD 527506.14000000 0.077514279122 Long ABS-MBS CORP US N 2 2066-08-25 Variable 2.35000000 N N N N N N State Street Bank & Trust Co. 571474TGEMMWANRLN572 000000000 888.83000000 PA USD 888.83000000 0.000130608937 Long STIV CORP US N 2 2050-10-01 Variable 4.28000000 N N N N N N CORECIVIC INC 529900JFA3K6PTLT8B15 21871NAC5 1867000.00000000 PA USD 1973026.93000000 0.289926028478 Long DBT CORP US N 2 2029-04-15 Fixed 8.25000000 N N N N N N APA CORP 549300VCIWLRHYVSHC79 03743QAW8 2000000.00000000 PA USD 1977140.00000000 0.290530422686 Long DBT CORP US N 2 2027-11-15 Fixed 4.88000000 N N N N N N Taiwan Semiconductor Manufacturing Co Ltd 549300KB6NK5SBD14S87 874039100 58182.00000000 NS USD 16249650.78000000 2.387801526259 Long EC CORP TW N 1 N N N MercadoLibre Inc 549300DKPDN9M5S8GB14 58733R102 4300.00000000 NS USD 10048842.00000000 1.476624980413 Long EC CORP US N 1 N N N NRZ Excess Spread Collateralized Notes N/A 64832EAA7 1802451.92000000 PA USD 1817439.13000000 0.267063211834 Long ABS-MBS CORP US N 2 2032-03-25 Variable 6.55000000 N N N N N N KKR REIGN I LTD N/A 49836MAA6 3500000.00000000 PA USD 2380000.00000000 0.349728600905 Long SN CORP US N 2 2049-05-30 Fixed 5.00000000 N N N N N N Novartis AG 5493007HIVTX6SY6XD66 000000000 42500.00000000 NS 5345267.26000000 0.785459176599 Long EC CORP CH N 1 N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 3140QMN83 2325062.18000000 PA USD 2184188.94000000 0.320955185756 Long ABS-MBS USGSE US N 2 2051-11-01 Floating 1.53000000 N N N N N N Tencent Holdings Ltd 254900N4SLUMW4XUYY11 000000000 59500.00000000 NS 5069230.72000000 0.744897045115 Long EC CORP KY N 1 N N N New Residential Mortgage Loan Trust N/A 64829WBB9 621249.05000000 PA USD 373574.95000000 0.054894892687 Long ABS-MBS CORP US N 2 2051-06-25 Variable 3.18000000 N N N N N N ASP WHCO PARTN 2025 2 LP N/A 00218YAA1 2500000.00000000 PA USD 2500000.00000000 0.367361975741 Long ABS-O CORP KY N 2 2029-03-29 Variable 1.00000000 N N N N N N Mosaic Solar Loans LLC N/A 61946LAD4 1706046.55000000 PA USD 1499143.71000000 0.220291358090 Long ABS-O CORP US N 2 2044-02-22 Fixed 7.44000000 N N N N N N Carvana Auto Receivables Trust N/A 14688DAK7 36104565.16000000 PA USD 118123.31000000 0.017357605017 Long ABS-O CORP US N 2 2029-01-10 None 0.00000000 N N N N N N SIRIUS XM RADIO LLC WP5O65E6BMU84LNO4227 82967NBC1 2500000.00000000 PA USD 2500200.00000000 0.367391364699 Long DBT CORP US N 2 2029-07-01 Fixed 5.50000000 N N N N N N Mello Mortgage Capital Acceptance Trust N/A 58549XBT9 6112668.63000000 PA USD 248929.87000000 0.036578947545 Long ABS-MBS CORP US N 2 2051-08-25 Variable 0.70000000 N N N N N N Mello Mortgage Capital Acceptance Trust N/A 585491BT9 1918218.55000000 PA USD 51657.05000000 0.007590734379 Long ABS-MBS CORP US N 2 2051-10-25 Variable 0.55000000 N N N N N N Merck & Co Inc 4YV9Y5M8S0BRK1RP0397 58933Y105 98411.00000000 NS USD 8259635.23000000 1.213710366798 Long EC CORP US N 1 N N N Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 000000000 -1025.00000000 NC -28039.26000000 -0.00412022318 N/A DE DE N 2 Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 Call Written Adyen NV Adyen NV 1.00000000 1400.00000000 EUR 2025-10-17 XXXX 0.00000000 N N N INDUSTRIALIZADORA INTEGRAL DEL N/A 45646HAA5 2000000.00000000 PA USD 2022600.00000000 0.297210532853 Long DBT CORP MX N 3 2031-11-26 Fixed 9.25000000 N N N N N N Equinor ASA OW6OFBNCKXC4US5C7523 000000000 256946.00000000 NS 6266881.41000000 0.920885574606 Long EC CORP NO N 1 N N N FIN DEPT GOVT SHARJAH 254900ZNL8O3F1CLJO24 38381CAB8 3500000.00000000 PA USD 2402085.00000000 0.352973876599 Long DBT NUSS AE N 2 2050-07-28 Fixed 4.00000000 N N N N N N MFRA Trust N/A 55284TAC1 750000.00000000 PA USD 698961.00000000 0.102708677570 Long ABS-MBS CORP US N 2 2066-04-25 Variable 4.25000000 N N N N N N Bristol-Myers Squibb Co HLYYNH7UQUORYSJQCN42 110122108 38400.00000000 NS USD 1731840.00000000 0.254484865627 Long EC CORP US N 1 N N N Fat Brands Fazoli's Native I, LLC N/A 31200BAA6 2412000.59000000 PA USD 2236399.95000000 0.328627321672 Long ABS-O CORP US N 2 2051-07-25 Fixed 7.00000000 N N N N N N Mercedes-Benz Group AG 529900R27DL06UVNT076 000000000 133563.00000000 NS 8384616.19000000 1.232075667756 Long EC CORP DE N 1 N N N Barclays Mortgage Loan Trust N/A 06745CAA8 1633670.51000000 PA USD 1626087.99000000 0.238945158694 Long ABS-MBS CORP US N 2 2028-02-25 Variable 4.25000000 N N N N N N 2025-10-17 Thornburg Income Builder Opportunities Trust Christopher Luckham Christopher Luckham Manager - Fund Admin